Sendwave vs Remitly Which Service is Best for You

If you're considering sending money abroad, you've probably come across Sendwave and Remitly. Both services offer competitive exchange rates and low fees, but which one is best for you?

Sendwave is a great option for those who want to send money to Africa, with a strong presence in countries like Ghana, Nigeria, and Kenya. Remitly, on the other hand, offers a wider range of recipient countries, including those in Asia and Latin America.

One key difference between the two services is their fee structure. Sendwave charges a flat fee of $1 per transfer, while Remitly's fees vary depending on the transfer amount and recipient country.

Sending money with Sendwave is a breeze, thanks to their user-friendly mobile app. You can download the app from the Google Play or App Store and create a new account by providing your personal details, a photo ID, and proof of residence.

To send money with Sendwave, you have the option to choose from various transfer methods. According to their website, Sendwave offers the following transfer options: Wire Transfer, Money Order, Cashier's Cheque, ACH (Automated Clearing House) payment, and Balance transfer.

The process of sending money with Sendwave is straightforward. You can send money to Kenya in just a few minutes by following these simple steps: download the app, sign up and register, choose the amount to send, decide on the transfer method, pay for the transfer, and track your transfer.

One of the best things about Sendwave is that they offer competitive exchange rates, especially for certain currency pairs. They also don't charge any transfer fees, making it a cost-effective option for many country combinations.

Here are the transfer options available with Sendwave:

Sendwave's mobile app is extremely easy to use, and you can send your transfer in just a few minutes. You can also use your debit card to fund a transfer at any time, without any fees.

Sendwave and Remitly both offer competitive exchange rates, but with some key differences. Sendwave puts a markup on all currency exchange operations, which ranges from 1.5% to 5% depending on the country combination. This means that for a transfer from the USA to Uganda, the recipient would receive 355,900 Ugandan shillings instead of the expected 366,800 Ugandan shillings.

Receiving a 2.97% markup on a $100 transfer from the USA to Uganda results in a difference of 10,900 Ugandan shillings, which is collected by SendWave instead of a transfer fee. In contrast, Remitly charges a transaction fee of $3.99, factored in the mid-market rate, for transfers to Kenya.

Here's a comparison of the exchange rates and fees for Sendwave and Remitly:

SendWave's exchange rate markups vary depending on the country combination, ranging from 1.44% to 4.51% as of September 30, 2020. For example, sending $100 from the USA to Uganda results in a markup of 2.97%, meaning the recipient receives 355,900 Ugandan shillings instead of the expected 366,800 shillings.

SendWave's markup can be a significant factor in the amount received by the recipient. In some cases, the markup can be as high as 4.51%, as seen in the Ghana country combination. This can result in a substantial difference in the amount received by the recipient.

The exchange rate markup is not the only factor to consider when using SendWave. The company also charges a currency conversion spread that ranges between 1-3% above the mid-market rate. This means that customers are charged a higher rate than the true market value.

Here's a comparison of the exchange rate markups for different countries:

Keep in mind that these markups are subject to change and may vary depending on the current exchange rates. It's essential to check the SendWave website or mobile app for the most up-to-date information.

SendWave's transparent pricing policy means that most of its fees are included in the exchange rate markup. This means that customers can see exactly how much they are being charged for each transaction.

If you're looking for a Sendwave alternative with competitive exchange rates, XE Money Transfer is a great option. It offers a wide range of currency pairs, making it a suitable choice for those who need to transfer money across different countries.

Some of the best Sendwave alternatives include XE Money Transfer, Wise Multi-Currency Account, and Remitly. These services offer a range of features that make them stand out from the competition.

For those who value convenience, Wise Multi-Currency Account is a great choice. It offers a mobile-based platform that allows users to track their transfers and receive updates in real-time.

XE Money Transfer, on the other hand, offers a more comprehensive range of services, including the ability to send money to over 160 countries. This makes it a great option for those who need to transfer money internationally.

Here's a list of some of the best Sendwave alternatives:

By considering these alternatives, you can find a service that meets your specific needs and provides the best value for your money.

SendWave only accepts debit card payments, which means you can fund your account using your debit card details.

The platform does not support credit cards or PayPal, as those methods will result in additional fees charged for your transaction.

You can enter your debit card details in the app to fund your next money transfer.

SendWave has its own transfer limits, which are $999 per day and $2,999 per month initially, but increase to $2,999 per day and $12,000 per month after additional identification and profile completion.

You can transfer funds via the phone, online, or through a mobile app, which are the different methods available for transferring money with SendWave.

Receiving money with Sendwave is a breeze, and the speed of delivery depends on your preferred method. Bank transfers take 2-5 working days to arrive, while e-wallet transfers and cash pick-ups are ideal for those looking to receive a transfer within minutes.

You can receive money through up to four different ways, depending on your location. These include bank transfers, e-wallet transfers, cash pick-ups, and cash transfers.

To get started, download the Sendwave App on your Android or iOS device and open an account. You'll need to link your account with a debit card or add an e-wallet onto your account.

For those who don't have a bank account or need a large amount of cash, cash transfers are a great option. They often arrive within minutes and can be picked up from banks and agent locations.

Once your payee has made the transfer, you'll receive a tracking number. Take this number and a form of government-issued ID to the location where you're picking up the cash from.

The Sendwave app is a game-changer for sending money across borders. It's available as a mobile app for both Android and iOS, with a 4.2/5 rating on Google Play and a 4.5/5 rating on the Apple Store.

The app is extremely easy to use, allowing you to send money in just a few minutes. You can download it from the Google Play or App Store and create a new account by providing personal details, a photo ID, and proof of residence.

One of the standout features of the Sendwave app is its real-time updates on transfer status. You can also share order information with contacts and check exchange rates on the go.

The app is highly convenient, saving you time and hassle. You can use it to transfer funds, pay bills, check account balances, and even block your ATM cards.

Here are the app's features at a glance:

The Sendwave app is available for download from the Google Play and App Store, and it's free to use.

SendWave's customer support is a standout feature of the service. They have a dedicated team that responds quickly to user inquiries.

You can contact customer support directly through the SendWave app. This is convenient and easily accessible.

The official contact information for SendWave's customer support is available on their website. Here are the details:

SendWave's customer support is available 24/7, which is a huge plus. You can reach them through live chat or phone support, whichever is more convenient for you.

SendWave prioritizes safety and security, protecting your money with 128-bit encryption. This means your transactions are safeguarded from unauthorized access.

The company is fully regulated and licensed to operate in all countries it supports. This ensures compliance with industry laws and regulations.

Your personal information is not kept on SendWave's servers, eliminating the risk of data theft or leaks. This is a significant advantage over other money transfer services.

SendWave's commitment to safety and security is evident in its adherence to all laws and regulations in the industry. This provides users with a secure international money transfer experience.

SendWave enjoys predominantly positive reviews from users, with a high rating on both Google Play and the Apple Store.

Users praise the app for its transfer speed, ease of use, and overall quality of service. Many users also appreciate the app's ability to keep them updated on the progress of their transfers.

SendWave's customer support is also praised for being fast, reliable, and helpful. The lack of transfer fees is another popular feature among users.

However, some users report that their transfers were delayed, and others are unhappy with the limited coverage that SendWave offers.

Here are some highlights from the reviews:

On the other hand, some users report that their transfers were delayed, and others are unhappy with the limited coverage that SendWave offers.

SendWave has daily and monthly transfer limits that can be increased by providing more personal information and verifying your account. You can initially send up to $999 per day and $2,999 per month.

To raise these limits, you'll need to submit personal documents such as a government-issued ID, Social Security Number, or driver's license. The more information you provide, the higher your transfer limits will be.

If your account is 100% verified, you'll be able to send up to $2,999 per day and $12,000 per month. This is a significant increase from the initial limits, making it easier to send larger amounts of money.

Domestic transfers with SendWave have a daily limit of £25,000, while international transfers are capped at £10,000 per day. If you need to send a larger amount, you may need to visit a branch in person to request a temporary increase in your limit.

Fortunately, SendWave doesn't have a minimum transfer limit, so you can send small sums of money with ease. This is a convenient feature that sets SendWave apart from other money transfer services.